Anwar (PRACTISING CHARTERED ACCOUNTANT) (85 Points)
07 March 2011Dear Friends
I would like to know whether the interest paid @ 1% for delay pymt of TDS can be claimed as revenue expenditure or not
IF possible please quote the case law..
thanks in advance..
Pankaj Arora
(Learner)
(3134 Points)
Replied 07 March 2011
No… its not possible to claimed as revenue expenditure..
sachin sharma
(article)
(122 Points)
Replied 07 March 2011
Hi anwar,
as per it act deductions of interest on tax deducted at source cant claim as deduction..
Thats means u cant claim it as a revenue expenditure
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 07 March 2011
any interest / penalty/ late fees paid on income tax or any statuary govt liability is not allowed in expenditure.
CA.Madhu
(Charted Accountant)
(204 Points)
Replied 07 March 2011
Dear Anwar,
Interest on delay payment of interest is allowed as deduction, only the penalty will not be allowed as deduction.
CAclubindia
